British Business Investments provides a £25m facility to Tower Leasing Limited

Sheffield’s British Business Investments today announces that it is providing a £25m facility to Tower Leasing Limited. The transaction will be structured as a block discounting agreement that will allow Tower Leasing to provide funding support to smaller businesses looking to acquire business-critical assets to accelerate their growth.

British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.3bn to providers of finance to UK smaller businesses.

Bracknell-based Tower Leasing was founded in 1989. It has extensive experience in providing finance to smaller businesses all over the UK, with a particular focus on finance leases for business and office equipment. The facility will allow Tower Leasing to support increased lending volumes using its diversified funding base.

Judith Hartley, CEO, british business investments, said: “This £25m facility to Tower Leasing Limited supports British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses in the UK.

“Independent operators like Tower Leasing Limited help diversify the UK’s smaller business finance market and provide more choice for businesses. We look forward to working with Tower Leasing Limited to help smaller businesses across the UK get funding for the assets they need to continue their growth.”

Kerry Howells, managing director, Tower Leasing Limited, said: “We are delighted to receive the support of British Business Investments via this significant new facility.

“Supporting the development of smaller businesses is in Tower’s DNA and this new commitment will provide us with increased funding to enhance our product offering and issue valuable funding to assist our clients with future growth opportunities. This marks an exciting new chapter for Tower, our customers, and the vital UK SME market.”

By Mark Adair – Correspondent, Bdaily

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